Another formula for €20 million from gambling

Environmentalist MP Stavros Papadouris submitted a proposal for a law transferring to the state the responsibility of managing part of the profits from games of chance before the Parliament.

At the same time, it is proposed to adjust the collected amount according to inflation.

The purpose of the proposed law, as stated in the explanatory report, is to amend the law on certain games of chance, in order to abolish the obligation of the provider to pay a sponsorship amounting to 5% of the gross profit from the conduct of certain games of chance in activities of the Republic , of sporting, social and public interest.

At the same time, with the proposal, the taxation imposed on the provider on the gross profit from the conduct of the games in question increases by a corresponding percentage.

"In this way, transparency is enhanced, as the responsibility for the management of the amount obtained in accordance with the above, is transferred from the provider to the state", points out Mr. Papadouris.

It is noted that in addition, it is made clear that in the calculation of the gross profit, only the profits that have actually been distributed to the lucky players and not those that would have been distributed in theory will be taken into account, in order to ensure the safe and reliable calculation of the tax paid to the Republic and therefore the interests of the Republic.

Furthermore, the proposal provides that the annual amount collected by the Republic, amounting to 20 million, as a minimum annual tax, provided for in the current legislation, is adjusted annually based on the consumer price index, with a base year of 2018.

Source: stockwatch.com.cy

Photo: stockwatch.com.cy